TSE: 3295 - Hulic Reit, Inc.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 6910.8
CAGR EPS = -0.2645%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 6910.8 * (1 + -0.2645%) / (0.0458 * 2) = 75245.79

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 16.66
Ebitda Yield = 0.0328
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 1.1
Debt = 180.12
Market Cap = 237.02
Weight Debt = Market Cap / (Market Cap + Debt) = 237.02 / (237.02 + 180.12) = 0.5682
Weight Cost Debt = 100% - 0.5682 = 0.4318
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = -2.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -2.42 * 5.94 + 0 = -0.1161
WACC = (1.1 / 180.12) * (100% - 0.5682) * (1 - 0.21) + -0.1161 + 0.5682 = 0.4123
Terminal Value = Discount (16.66 * (1 + 0.0328) / (0.4123 - 0.0328)) = 588.14
Company Value = ∑ (16.66 / (1 + 0.4123) ^ 5) = 77.21
Price = (Terminal Value + Company Value) / Count shares = (588.14 + 77.21) / 1440000 = 462043.74

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -0.1123
FCF Yield = -0.382
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 1.1
Debt = 180.12
Market Cap = 237.02
Weight Debt = Market Cap / (Market Cap + Debt) = 237.02 / (237.02 + 180.12) = 0.5682
Weight Cost Debt = 100% - 0.5682 = 0.4318
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = -2.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -2.42 * 5.94 + 0 = -0.1161
WACC = (1.1 / 180.12) * (100% - 0.5682) * (1 - 0.21) + -0.1161 + 0.5682 = 0.4123
Terminal Value = Discount (-0.1123 * (1 + -0.382) / (0.4123 - -0.382)) = -0.1761
Company Value = ∑ (-0.1123 / (1 + 0.4123) ^ 5) = -1.82
Price = (Terminal Value + Company Value) / Count shares = (-0.1761 + -1.82) / 1440000 = -1384.48